Day June 1, 2010

Apple, with its $50 a share in cash, could earn as much as $17 to $20 a share in 2011, which means the stock is trading at a cheap 12.5 times next year’s earnings. Cramer said even if Apple hits his $300 target, the stock will still be cheap trading at just 15 times earnings.

“That’s less than almost every single growth stock I follow,” Cramer said, “and even less than the S&P 500’s multiple.”